Jaiprakash Associates in India has received four bids for the sale of its stand-alone cement business, which has a capacity of over 20 million tonnes/year and is expected to be valued at about INR 200 billion (€2.74 billion/US$2.96 billion).
It is reported that three of the bidders have been named as
The sale does not include the 2.2 million tonnes/year Bhilai plant (a joint venture with the Steel Authority of India (SAIL) or a sister company's 3 million tonnes/year capacity held in Andhra Cement, for which separate bids are being invited.
Jaiprakash Associates needs to reduce debt which had reached INR 750 billion at the end of the 2014/15 fiscal.
